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MKC

McCormick

$96.45

-0.83 (-0.85%)

06:34
09/28/17
09/28
06:34
09/28/17
06:34

McCormick sees FY17 adj. EPS$4.20-$4.24, consensus $4.13

For FY17, McCormick updated its financial outlook to reflect its year-to-date performance and growth momentum, the acquisition of RB Foods and a lower impact from unfavorable foreign currency on EPS. In 2017, McCormick expects to grow sales 9% to 10% compared to 2016. Excluding the impact of unfavorable currency rates, the projected growth is 10% to 11%. The company expects to drive sales growth with new products, brand marketing, expanded distribution and the incremental sales impact of acquisitions. Sales growth is also expected to be driven by pricing actions that are intended to offset an anticipated mid-single digit increase in material costs. The company has plans to achieve at least $105 million of CCI and intends to use these savings to improve margins, fund a high-single digit increase in brand marketing, and as a further offset to increased material costs. Operating income in 2017 is expected to grow 10% to 11% from $641 million of operating income in 2016. Transaction and integration expenses from the RB Foods acquisition of approximately $62 million are currently projected to impact operating income for 2017. Special charges of approximately $22 million are currently projected for 2017 that related to previously announced organization and streamlining actions. Excluding the impact of transaction and integration expenses as well as special charges in 2017 and 2016, the expected growth in adjusted operating income is 20% to 21% from adjusted operating income of $657 million in 2016. Excluding the estimated impact of unfavorable currency rates, the expected year on year increase in adjusted operating income is 21% to 22%.

  • 28

    Sep

MKC McCormick
$96.45

-0.83 (-0.85%)

06/16/17
GSCO
06/16/17
INITIATION
Target $101
GSCO
Neutral
McCormick initiated with a Neutral at Goldman Sachs
Goldman Sachs analyst Adam Samuelson started McCormick with a Neutral rating and $101 price target. The analyst views the valuation as full and believes e-commerce disruption risk is high.
06/16/17
06/16/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Hasbro (HAS) initiated with a Buy at Argus. 2. Kindred Biosciences (KIN) initiated with a Buy at Aegis. 3. Stanley Black & Decker (SWK) was initiated with a Buy at Seaport Global and resumed with an Outperform at Raymond James. 4. McCormick (MKC) initiated with a Neutral at Goldman Sachs. 5. Texas Instruments (TXN) resumed with a Market Perform at Raymond James. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/30/17
FBCO
06/30/17
NO CHANGE
Target $108
FBCO
Outperform
McCormick sets up for 'beat-and-raise' Q3 report, says Credit Suisse
Credit Suisse analyst Robert Moskow said he was surprised by the negative reaction in McCormick shares following the company's Q2 report and reiteration of its FY17 earnings outlook. He thinks strong volume growth, international price increases and easier gross margin comparisons will drive Q3 results and give management sufficient visibility to raise its earnings guidance at that time. The analyst, who notes that his $4.53 EPS estimate for 2018 is well above consensus, keeps an Outperform rating on McCormick shares.
07/28/17
JEFF
07/28/17
UPGRADE
Target $110
JEFF
Buy
McCormick upgraded to Buy from Hold at Jefferies
Jefferies analyst Akshay Jagdale upgraded McCormick to Buy and raised his price target for the shares to $110 from $95. The analyst believes the recent underperformance provides a good entry point and thinks the RB Foods acquisition will accelerate earnings growth .

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